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June 29, 2022

Most Businesses Fail. Here Are Simple But Powerful Tips On How To Succeed. (#138)

Most Businesses Fail. Here Are Simple But Powerful Tips On How To Succeed. (#138)

“Effective leadership is the key that unlocks massive success - Jeffrey Feldberg.” - Jeffrey Feldberg

Jeffrey Feldberg is the co-founder of Deep Wealth. The M&A journey for Jeffrey began when he said "no" to a 7-figure and "yes" to mastering the art and science of a liquidity event. Two years later, Jeffrey said "yes" to a 9-figure offer. During the process, Jeffrey increased his company value by 10X.

How did Jeffrey increase his company value 10X and go to a 9-figure liquidity event? Jeffrey created the 9-step roadmap of preparation for a liquidity event. 

The Deep Wealth Experience has you learn the 9-step roadmap in 90-days. At the end of the 90-days, you create a blueprint to help you optimize your business value. You also have the certainty of capturing the maximum value for your liquidity event.

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Article: Cockroach Startups: What You Need To Know To Succeed And Prosper


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This podcast is brought to you by Deep Wealth. 

Your liquidity event is the most important financial transaction of your life. You have one chance to get it right, and you better make it count. 

But unfortunately, up to 90% of liquidity events fail. Think about all that time, money and effort wasted. Of the "successful" liquidity events, most business owners leave 50% to over 100% of their deal value in the buyer's pocket and don't even know it.

Our founders said "no" to a 7-figure offer and "yes" to a 9-figure offer less than two years later. 

Don't become a statistic and make the fatal mistake of believing that the skills that built your business are the same ones for your liquidity event. 

After all, how can you master something you've never done before? 

Are you leaving millions on the table? 

Learn how the 90-day Deep Wealth Experience and our 9-step roadmap helps you capture the maximum value for your liquidity event.  

Click here to book your free exploratory strategy session.

Enjoy the interview!

Transcript

[00:00:00] Jeffrey Feldberg: Welcome to the Sell My Business Podcast. I'm your host Jeffrey Feldberg.

This podcast is brought to you by Deep Wealth and the 90-day Deep Wealth Experience.

Your liquidity event is the largest and most important financial transaction of your life.

But unfortunately, up to 90% of liquidity events fail. Think about all that time, money and effort wasted. Of the "successful" liquidity events, most business owners leave anywhere from 50% to over 100% of their deal value in the buyer's pocket and don't even know it.

I should know. I said no to a seven-figure offer and yes, to mastering the art and science of a liquidity event. Two years later, I said yes to a different buyer with a nine-figure offer.

Are you thinking about an exit or liquidity event?

If you believe that you either don't have the time or you'll prepare closer to your liquidity event, think again.

Don't become a statistic and make the fatal mistake of believing that the skills that built your business are the same ones for your liquidity event.

After all, how can you master something you've never done before?

Let the 90-day Deep Wealth Experience and our nine-step roadmap of preparation help you capture the maximum value for your liquidity event.

At the end of this episode, take a moment to hear from business owners, just like you, who went through the Deep Wealth Experience.

Welcome to the Deep Wealth, Sell My Business Podcast. And for this episode, we are going to do a deep dive on a question that was asked from the community and what a terrific question it was. And the question was, why do most businesses fail? And if we're honest about it, when we think of businesses failing typically we're thinking of startups. As we know, the failure rate for startups is very high. It could be 80, 90%, or more of startups failing. But oftentimes once we have an established business, we tend to believe, hey, it's not going to be me. I'm an established business. I've been here for so many years. I'll be here for that many more years.

Failure can't happen. But as I like to say, within your success are the seeds of your future failure. So let's do this deep dive of most businesses fail here are simple but powerful tips on how to succeed.

Now I have a bit of a rhetorical question for you, but I'm going to ask it anyway. When you think of growing the business, what thoughts come to mind?

And I suspect that the thoughts that are coming to mind are really good thoughts. I'm going to increase my revenues. And I'm going to have a higher value. I'm going to get new customers. I'm thinking of a liquidity event. That's going to be happening a number of years down the road, and this is going to increase my enterprise value.

And on paper, it sounds terrific. But when we do a deep dive, which we're going to do right now, Not so quick. There are some things that we have to be really mindful of when it comes to growth. So business failure, reason, number one, growing too fast while ignoring profits.

Both in business and life, everything in moderation. And for me, and in the Deep Wealth, 9-step roadmap. There is growth. And then there's growth. There's two types of growth. One growth is growth at any cost. And the other growth is organic growth. The growth at any cost this is what I'm going to be focusing on for business failure, reason, number one, growing too fast while ignoring profits.

Growth at any cost is dangerous. And in fact, it's reckless, you're gambling with your business. When you're chasing after the higher evaluations when you're chasing after the growth. And oftentimes we see this when you get an infusion of capital, perhaps you've raised capital, you've brought in some private equity, you brought in investors to take your business to the next level maybe you're expanding, whatever the case may be. You now have a lot of pressure to grow. And in fact, in investment circles, you'll often hear the term burn rate. What's your burn rate? How high is your burn rate and the more money you're spending, the better off you are? Right. Well, not so quick.

When we're going after growth for the sake of growth, we tend to ignore well, what's going on with the profits. Let me just pick some numbers here. You could have a company that's a hundred million dollars in revenue and on paper. That sounds terrific until you look at your expenses and you see, well, oh my goodness. Our expenses were $110 million. There's a $10 million loss.

When you're ignoring profits, you're putting yourself in jeopardy and that leads nicely into the second reason of why most businesses fail. Business failure, reason number two is lack of focus when you're chasing after growth for the sake of growth.

You lose sight of what you're all about. You have an origin story, you started your business, you found a painful problem that your passionate to solve. You're removing that pain for clients. Yes, you have real clients. They're paying clients. You have net profits when all is said and done, but when you go after a growth for growth's sake,

That's when the problems begin to happen because you're no longer focused. And here's a great example. I'm going to mention the word Yahoo. And for some listeners out there, you're saying who? Who's Yahoo? And that's exactly the point. So we're going to date ourselves here a little bit for everyone who's nodding their head and they remember Yahoo. When the Internet first came out the search engine of choice was Yahoo. It was the first search engine that came out and Yahoo reignED supreme. After Yahoo, you had all these other startups that were just getting going in the search engine space and Google was one of them.

Now in the article that we wrote because of this question when you come to the website and I'll put a link into the show notes, we use the Way Back Machine. And we went back in time into the early days of the Internet when Yahoo and Google were getting going. Now at this point in time, Yahoo was all about the growth.

And back in the day, it was all about the clicks, the clicks per lead. How many eyeballs you had on that website? And Yahoo was trying to get as much revenue as possible growth for growth's sake because they were charging via an advertising business model that they had. And they really put aside what they were all about in the first place. I mean, search engines, particularly Yahoo, when they first came out was let's organize the Internet in a way that makes it easy for you. You can type in some keywords, you can type in your question and we'll get you sites that are appropriate. And I really encourage you to come to our article on the website. You'll take a look at the two pictures of Yahoo versus Google side-by-side.

 And when you look at the homepage for Yahoo, It gives you a headache. You have all kinds of links and all these ads are all over the place. It's disorienting and looking back at it now, of course, hindsight being 2020, we see what was going on, but Yahoo got caught up in growth.

And now let's look at Google and we chose March 1st, 2000. So the Internet had come out maybe five to seven years earlier for the mainstream. It was just starting to pick up speed in 2000. And when you look at the Google homepage, It's simplicity. It's very easy. You type in your question or your search and then you get your responses. You're not getting all these links and all this clickbait that's going on to the page.

And Google was playing the long game. They were about growth, but it was the right kind of growth and not growth for the sake of growth. So when you're chasing growth for growth's sake, you're losing focus about what you're all about and how your stakeholders and your clients are looking to you to help them with the challenges and the problems that they're facing.

And when you're growing too quickly and you've lost your focus something else happens. And that's business failure, reason number three. You begin to hire too quickly. So now you're growing. Things are really humming along. Revenues are increasing, but now the outreach from the marketplace is becoming too much. Your existing staff can't handle it across the board. Phone calls, emails, requests, inquiries are just going through the roof. Customer service starts going down.

The quality that you were known for is now in jeopardy. And so clearly you're thinking to yourself, okay, let's just hire more people, right? We're going to throw more people at the problem. And that's going to be the solution. And again, this is a another fatal mistake. Growth at any cost, which causes massive hiring, just because. leads to all kinds of other problems. While for starters, you're diluting your culture. You can't get people in quick enough. You're probably hiring anybody who has a heartbeat and has some kind of qualification that you can throw them in the sea to get the job done. Because again, you're believing what we're growing so quickly.

Just more butts in the seat or more remote workers are going to really solve the problem and get us out there. But when you're hiring too quickly, when you've lost your focus, when you're not looking at net profits, there's two questions that you're not asking that you must absolutely ask every time you're hiring. And it doesn't matter if you're a startup, a $2 million company, or a $200 million company. Here are the two questions that you want to ask.

Question number one. Can you justify the number of employees that you're looking to hire based on your net profits? And again, I'm not talking gross profits, I'm talking net profits. After you pay everything after your taxes and all your expenses, your net profits, can you justify the number of employees that you're hiring?

And question number two, do more employees create a better company? And when you don't ask those two questions, that's where you get yourself into more problems. It starts to become pandemonium. This growth for growth's sake is having you become disoriented. You've lost sight of the fact of what you're doing.

Now, if you contrast that to companies that really have a focus on organic growth. They remember who they are, what they're doing, what the culture is all about. And when you ask those questions well, does it make sense for us to hire employees based on a profit level? Oh, look at this, actually. No.

What's going on here? Maybe we should be holding back on the growth, get back to profitability. Let's stop doing some of the things that are losing money for us. Let's start doing more of the things that give us loyal customers and get us back into the profitability area. That's where we need to be focusing on.

And the second question again, do more employees create a better company? I'm going to say no. And one of my favorite topics when it comes to businesses and particularly growth, it's the cockroach startup mindset. I've written all kinds of articles about this. You've heard me talk about this on the podcast when you're bootstrapping. And you're asking those tough questions. You put resiliency in place. So instead of hiring employees, is there a way to be automating this instead of hiring employees? Should we even be doing what we're doing? I have a quick story for you.

After the terrific exit that I had with Embanet our nine-figure liquidity event. Myself and my business partner, we started another company, total health diabetes, THD for short. And here we did it for all the wrong reasons. Myself and my business partner, we became like the private equity. We didn't go outside for financing. We could write the check and our mindset. Wasn't what kind of problem can we solve? How can we make a difference? Our mindset was how do we grow a company quickly that we can build and sell and just get this going out there.

So, yes, if I'm honest with myself, it was greed. It was ego. All the lessons that I learned from the cockroach startup mindset I had forgotten, I was blinded by the greed and the ego to grow a company quickly. And in one micro example, a THD, we had brought on a sales manager who said all the right things to us. I've been in the industry for years. I know everybody. I know how to build a sales team. I will get revenues going very quickly. And so without any proof of concept, we went with it and the sales manager brought on seven different salespeople that all were according to the sales manager, sterling people, terrific track record. They're going to get things going. And this was a seven-figure plus investment in the sales team. And a year, year and a half later, what do we have to show for it? Well, we had seven figures for sure, but it was seven figures of losses.

We were hiring too quickly. We didn't really have a culture. We weren't paying attention to net profits. We had lost our focus. And the truth is if we really had our focus, we never would've gotten into the business in the first place. But nonetheless, we were there and the growth for growth's sake just blinded us. And ultimately what ended up happening was we sold the company for pennies on the dollar.

Now, if you take a step back. If you look at THD and you compare that to Embanet. I started to Embanet with no money, no experience, no team. And on paper, it should have been a failure. THD was started with money, with experience, and with the same team that I had at Embanet, and on paper, it should have been a marvelous success.

But the difference was growth for growth's sake instead of organic growth. Again, hindsight is always 2020, but looking back at THD, what we should have done was forget a sales manager. Let's just get a salesperson and see if that salesperson can actually make it work. And then build upon that. That's working. Terrific. We can then look to add another person and we're building out the culture of putting the systems and the processes in place. We're doing everything right.

And we're doing organic growth. We're asking the two questions. Can we justify the number of employees based on the profits? Do more employees create a better company. And by slowly going through that growth phase, that organic growth phase. By having resiliency and remember resilience, always trumps resources.

Perhaps the outcome for THD could have been a better one than what it was.

And so business failure, reason number three, hiring too fast is not where you want to be. But it also ties nicely into business failure, reason number four. And that's believing that management is the same as leadership. Now, when I was talking about THD. And I mentioned the sales manager, I didn't say sales leader. And that was very specific. It was a sales manager.

And what I'm about to say when it comes to leadership versus managers it's not to paint managers in a negative light. But there is a difference between leaders and managers, and it's important that you know them. There's six specific differences between leaders and managers.

And actually, we wrote a whole article about this. I'll put the link to the article in the show notes so that you can take a look and read that. Because believing that management is the same as leadership. That's a recipe for failure. It's a recipe for disaster. So leaders will play to their strengths.

Managers are copycats. For managers, managers are really doing okay. What does everyone else doing? How do we just make this thing work? I'm not really looking at the big picture. Leaders will play to the strains. What am I strong at? What am I not strong at? Okay, I'm going to ignore what I'm not strong at. I'm going to put people in place to overcome where I'm weak so I can focus on my strengths. Leaders will go on to create raving fans from team members.

Whereas managers will view employees as employees. There is a big difference here. If you're viewing an employee as an employee, like a manager, does, you're not going to get the best motivation out of them. You're going to be looking at that employee in terms of their strengths, but also in terms of their weaknesses.

And you're going to be applying both of them to that. For a leader to create a raving fan from a team member. And you'll notice I'm not even using the word employee because leaders look at employees really, as team members are part of the team. What you're doing is you're focusing on those team members on, okay, what are your strengths?

How do you fit into this team? What can that look like? Let's not focus on what you're not good at. Let's focus on what you are good at. And leaders will go on to create a team-based environment. It's the team that wins not as single individual effort. Managers tend to focus more on the individual efforts with the goals and what needs to happen.

Leaders will focus on the team and building successful teams. The third difference is that leaders will create a powerful narrative for a vision. Whereas managers simply create goals. Now part of the vision for a leader is teamwork. And again, it goes back to one of my famous sayings when the team works.

You better believe it. The dream also works and is all about the team. Now, the narrative, this is what moves the dial. Let's take a quick step aside here for just a moment. In the Deep Wealth, 9-step roadmap of preparation. The narrative is everything. The narrative in fact goes through all of the 9-steps. I'm just going to pull a few of the steps out as an example. When you're figuring out what your X-Factors are, what problems that you solve is all about the narrative.

When you're speaking to your future buyer. When you figure out the art and the science of thinking and talking like a buyer, again, it all goes back to the narrative. When you're looking at your advisory team, who are you going to hire? How do you get them on board? And when you're looking at creating a winning mindset, again, it all goes back to the narrative. And when you're looking at the timing and execution is a step number seven in the 9-step roadmap, what do you say to who to how until when.

Once again, it all goes back to the narrative because let's face it as people we are moved by stories. Tell me all kinds of facts and figures. Give me the reasons. You know what? Maybe I'll remember them. I'm probably not. But tell me in a story the facts, the data, the numbers, the reasons. Not only will I remember that story.

I'll be motivated by that story when I know why I'm doing, why I'm doing it and how I'm doing that. Through the narrative that you've created. Now you've got me motivated. Now I'm going to be dreaming about how I'm going to have that vision happen. I'm going to be going to sleep with that. I'm going to be waking up with that. It all bleeds into the culture in a very positive way.

And that's why the narrative is so important. So leaders create a powerful narrative. Managers are just ho-hum. With the goals. Okay. Jeffrey, here's the goal. You've got to meet it. Here's a key performance indicator. You better meet this or you're going to lose your job. Is that motivational well is creating a negative motivation where I'm going to do it for the wrong reasons?

Whereas when I understand the narrative, when there's a powerful vision when I feel good about that, I'm doing that all for the right reasons. When you look at the fourth difference between leaders and managers, and this is a big one. Because leaders play to their strengths and because leaders have raving fans.

As team members and because leaders have all teamwork, that's going behind that. Leaders look for A-Players. A-Players that are smarter than the leaders, A-Players that are better than the leaders. Because from those A-Players, a leaders know that they will have a successor for themselves. And from those A-Players, they know that the team will just be a better team.

Managers on the other hand, not all managers, but many managers are threatened by A-Players because a manager doesn't want people who are going to be smarter and better. Managers feel threatened that they're going to lose their job. If they bring on board people that are smarter and better. So when you bring on a manager, typically you're now looking to hire B-Players and C-Players.

And if you want to take a thriving and rich culture and just throw it out the window. Bring on BNC-Players and just keep them there. You will lose all the A-Players, A-Players, it's just human nature. We want to be on a winning team. And when we see that the manager doesn't really care about that, it's just all about the individual goals and just getting things done, because that's just what has to be done.

And it's not about improving. And it's just about keeping people in the seat that's where we lose the battle and the A-players start to leave in droves. And then the fifth difference between leaders and managers. Leaders view themselves as agents of change for a better tomorrow. Managers follow that old saying if it ain't broke, don't fix it.

And I want you to think about that for just a moment. Being an agent of change versus keeping the status quo. As a business owner, if you know anything about business, you know that for a successful business, you're only as good as what you've done today and what you'll do tomorrow. For your clientele.

Yesterday, you may have been a hero, but for your clients, new problems come up. New situations arise. There's always new competitors who are nipping at your heels. Now, of course, in step number two of the 9-step roadmap. X-Factors, you're thinking about blue oceans that you're going to be into instead of the red oceans, but nonetheless.

When you're keeping the status quo. You're not really looking at that. It's simply. Okay. How do I just meet the school? Keep the status quo. If it ain't broke, don't fix it. That's where you run into problems. A marketplace will pass you by your clients will turn to your competitors who have a better answer, who come up with a new solution who have created a market disruption. And again, you've relied on your success. I remember what I said earlier that the seeds of failure, the seeds of your future failure are in your current success.

When you keep the status quo, that's what's going to happen. And that's why it's so important to have leaders who view themselves as agents of change and not just, Hey, if it ain't broke, let's just leave it alone. Let's not fix it. And then the sixth difference between leaders and managers. And you've probably guessed this one already.

Leaders play the long game to do whatever it takes to achieve their vision. Managers are all about the short-term. Leaders are not looking for recognition and rewards. They know that achieving the vision, that's the reward in and of itself.

Here's a rhetorical question for you any guess as to what motivates managers, while if you said recognition and rewards. You're absolutely right. And recognition and rewards. Those are short-term kinds of things. When it comes to achieving the vision, that's really where you want to be. And what's implicit. It's understood. It's not even said, but leaders get this when it comes to playing the long game, and to achieve the vision, it's assumed.

That there's going to be risk that's taken, and there's going to be failures. Now leaders, aren't going to be gambling with a business and taking all these crazy risks that can put you out of business. But they do know that along the way, there's going to be failure. And from that failure, there's going to be lessons learned that you'll learn from that. You'll apply it. You'll move forward quickly.

And apply the next iteration of changes to see what works, see what doesn't work and you keep on going. Managers, if it ain't broke, don't fix it. They don't want to touch failure. They want to avoid that at all costs, but nothing ventured, nothing gained. And if you think about it, when you started your business, you took risk, you did things that weren't proven, you did things that weren't tried before, and yes, there were times that you failed, but you picked yourself back up and you made it a success. And that's what it's all about.

And that's when you play the long game and when you have a vision and you're okay to take calculated risks along the way. That's where things start to happen. So business failure, reason number four is believing that management is the same as leadership. It really isn't always focused on having leaders. And by the way, one of the things that really is an important takeaway from this leadership is not a title. Whether it's a frontline employee, all the way up to yourself or the CEO leadership must be assumed for everyone.

It's not in the title, it's in the action. And one of the things that you can do, and this is where a thriving enrich culture comes from. You be the change that you want to see? In your entire team, show that leadership. Isn't the title. Show that leadership is not a title. It's all in actions where you care about what you're doing, where you're following that vision.

Be the change, have people follow your lead. And that's where the magic starts to happen. So what's the fifth reason of why businesses fail? Business failure, reason number five is choosing the wrong goals. And this really takes us back to the very beginning of how we started this episode.

When you're focusing on growth for growth's sake. You're ignoring net profits. You're ignoring organic growth. Those are the wrong goals. Yes, maybe in the short term, you are going to get growth, but it's a recipe for failure as a recipe for disaster. When you get outside capital in your main goal is selling the company in three to five years without outside investment. Again, that's the wrong goal. You're chasing the money. You're not chasing the passion.

And at a very personal level, I put it out there already. I'm going to go back to the THD example. THD was all about chasing the money. Hey, let's build up this company that we're going to sell in three to five years. It'll be successful. We'll make a lot of money. It'll be even bigger than Embanet.

And we focused on the wrong goals. It was growth at any cost growth for growth's sake. Not organic growth, not net profits. And it led us down the wrong path to failure. And it really brings us on the opposite of growth for growth's sake. When you look at organic growth, what are we doing? Well effectively? We are bootstrapping, and this is what makes the cockroach startup mindset. So powerful.

Hey is bootstrapping easy. Absolutely not. Bootstrapping is very difficult, but as the saying goes, what's often right is not easy. Bootstrapping is right. It's the right thing to do, but it's not the easy thing to do. But bootstrapping in its very nature in the DNA of bootstrapping, it gives you a laser-like focus because you don't have the money that you're going to be spending. And even if you did have the money, even if you could write the check, it doesn't mean that you should.

And when you're bootstrapping, you're doing whatever it takes to survive. You're doing whatever it takes to live another day. You understand that resilience trumps resources. And when you look at the problems that you're having in the business, you're not right away saying, Hey, let's hire more people. You're taking a step back. You're asking the tough questions. Well, why is this problem happening in the first place?

What's the root problem? What's the root cause for this problem? Should we even be offering the service or product in the first place? Maybe we take a step back. Maybe we don't. Is there a way that we can deal with this through better processes, better systems? Can we automate this, that we don't have to hire that resilience trumps resources? And I'm going to share a quick story with you.

Embanet was bootstrapped right from the beginning. We were a cockroach startup. And because of that. The resilience that we had to have made us more effective than the competition. When we came up with figuring out how do you keep the students in the seats and later on to how you fill the seats and how we went about doing that if you would have given us a wack of cashback in the day,

I can tell you with absolute confidence, we would not have had the resilience and Embanet would not have had a nine-figure liquidity event. Because of that resilience because we couldn't write the check. And even when we could read the check, we asked the tough questions.

That resilience not only made us more effective, it made us more profitable. And it also had us find market disruptions that we otherwise wouldn't find. Oh, we see that our organic growth is slowing down here. What's going on. We discovered an inflection point in the marketplace and we went with that inflection point, we maximize that we started up Embanet Two that was filling the seats.

And the rest is history, as they say. How do we just continue to spend money for the sake of spending money to grow? We would have missed that inflection point. And the other thing is that when you choose the wrong goal, it's like building a house on sand instead of bedrock, you do not have a solid foundation.

And when you look at even established companies that they're doing growth for growth's sake. Chances are that the type of client that the bringing on is the wrong client. They may be losing money on every single transaction, and there's always that joke in business while we're losing money on every transaction, but we'll make it up in volume.

Well, you know, jokes on you when you go down that particular path is not the way to do it. You want to have a solid foundation. Bootstrapping is a solid foundation. Resilience is a solid foundation. Here's another X-Factors step number two in the 9-step roadmap. X-Factors your business model is a solid foundation that you're doing. So all of these things, when you have the right kind of focus, when you have the right goals, that's, what's going to be your ally and your friend to lead you to success.

So there you have it. Most businesses fail. I just shared a five simple but powerful tips on how to succeed. Succeed.

Let's do a quick recap. Business failure, reason, number one, growing too fast while ignoring profits. And there we said, Hey when you just want to grow for growth's sake, you're not looking at net profits. You're chasing after higher valuations. And you're trying to be everything to everybody. You're the master of nothing.

Business failure, reason. Number two, lack of focus when you're chasing growth for growth's sake, you lose sight of what you're all about. And there I spoke about the Yahoo versus Google search engine competition of what happened. And again, obviously, hindsight being 2020 Yahoo was all about growth in revenues for growth's sake, Google play the long game when you're focusing on the net profits, that's when you're doing all the right things. And that's also when you're doing what's best for the client.

Business failure, reason, number three, hiring too fast. When you're growing too quickly, you find yourself in the unfortunate position where you just can't deal with all the demands that are coming in on the business. And a fatal mistake is made of, Hey, let's just hire more people. People are the solution to the problem.

Where really you're not going to the root cause hiring is more of a symptom than solving the actual root cause. And you're just growing too quickly.

Business failure, reason number four, believing that management is the same as leadership and there are six major differences between the leaders and managers. It's all about mindset and the strategy that leaders follow and what managers are not following. So you always want to look for leaders in the business, and you also know that leadership is not a title. It's what you do in your actions. And everyone on the team is exhibiting leadership types of behavior.

And then finally it business failure, reason number five, you're choosing the wrong goal because you're focusing on growth at any cost. Your focus should have been on net profits and organic growth. And again, you're focusing on the wrong goal of hey, let's just sell this company in three to five years. Let's build it up as quickly as we can that you lose your laser, like focus that you only get from bootstrapping from resiliency. And choosing the right goals that have you build your business on bedrock?

So there you have it. Most businesses fail. We just learned five simple but powerful tips on how to succeed. And hey, I have a question for you. Did you like this episode?

Did you find value from this episode? I'd like you to do two things for me. Number one, please go to your favorite podcast channel and give us a review. A five-star review would be incredible. Your reviews help get us out there in terms of letting other business owners, knowing that they're not alone in their journey, that they have a community that they can rely on. That will make a difference for them.

Vis-a-vis the Deep Wealth community. And the second thing I'd like you to do is if you found value from this, why not become part of our 90-day Deep Wealth Experience, you'll immerse yourself in mastering the 9-step roadmap of preparation. This is the same roadmap that I created for our nine-figure liquidity event. And at the same time, you'll have a mastermind group of other successful business owners.

And you'll have a success coach to help you along the way. You do all of this in 90-days, you're forever the better for it because what you'll learn is that the 0-step road map of preparation are also the same strategies used for growth. So you tell me you create a thriving and profitable business that you keep forever, or you sell it tomorrow. The point is you have a choice and both are terrific choices.

As we begin to wrap up this episode right at the very end. Stick around because you'll hear from other business owners that went through the Deep Wealth Experience and how it made the difference for them.

And at this point, I want to give you a heartfelt thank you for taking time out of your day and spending it with us here on the Deep Wealth Sell My Business Podcast. And as always, please stay healthy and safe.

[00:32:41] Sharon S.: The Deep Wealth Experience was definitely a game-changer for me.

[00:32:44] Lyn M.: This course is one of the best investments you will ever make because you will get an ROI of a hundred times that. Anybody who doesn't go through it will lose millions.

[00:32:54] Kam H.: If you don't have time for this program, you'll never have time for a successful liquidity

[00:32:59] Sharon S.: It was the best value of any business course I've ever taken. The money was very well spent.

[00:33:05] Lyn M.: Compared to when we first began, today I feel better prepared, but in some respects, may be less prepared, not because of the course, but because the course brought to light so many things that I thought we were on top of that we need to fix.

[00:33:21] Kam H.: I 100% believe there's never a great time for a business owner to allocate extra hours into his or her week or day. So it's an investment that will yield results today. I thought I will reap the benefit of this program in three to five years down the road. But as soon as I stepped forward into the program, my mind changed immediately.

[00:33:43] Sharon S.: There was so much value in the experience that the time I invested paid back so much for the energy that was expended.

[00:33:54] Lyn M.: The Deep Wealth Experience compared to other programs is the top. What we learned is very practical. Sometimes you learn stuff that it's great to learn, but you never use it. The stuff we learned from Deep Wealth Experience, I believe it's going to benefit us a boatload.

[00:34:07] Kam H.: I've done an executive MBA. I've worked for billion-dollar companies before. I've worked for smaller companies before I started my business. I've been running my business successfully now for getting close to a decade. We're on a growth trajectory. Reflecting back on the Deep Wealth, I knew less than 10% what I know now, maybe close to 1% even.

[00:34:25] Sharon S.: Hands down the best program in which I've ever participated. And we've done a lot of different things over the years. We've been in other mastermind groups, gone to many seminars, workshops, conferences, retreats, read books. This was so different. I haven't had an experience that's anything close to this in all the years that we've been at this.

It's five-star, A-plus.

[00:34:52] Kam H.: I would highly recommend it to any super busy business owner out there.

Deep Wealth is an accurate name for it. This program leads to deeper wealth and happier wealth, not just deeper wealth. I don't think there's a dollar value that could be associated with such an experience and knowledge that could be applied today and forever.

[00:35:11] Jeffrey Feldberg: Are you leaving millions on the table?

Please visit www.deepwealth.com/success to learn more.

If you're not on my email list, you'll want to be. Sign up at www.deepwealth.com/podcast. And if you enjoyed this episode of the Sell My Business podcast, please leave a review on Apple Podcasts. Reviews help me reach new listeners, grow the show and continue to create content that you'll enjoy.

As we close out this episode, a heartfelt thank you for your time. And as always, please stay healthy and safe.

This podcast is brought to you by Deep Wealth. 

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Your liquidity event is the most important financial transaction of your life. You have one chance to get it right, and you better make it count. 

But unfortunately, up to 90% of liquidity events fail. Think about all that time, money and effort wasted. Of the "successful" liquidity events, most business owners leave 50% to over 100% of their deal value in the buyer's pocket and don't even know it.

Our founders said "no" to a 7-figure offer and "yes" to a 9-figure offer less than two years later. 

Don't become a statistic and make the fatal mistake of believing that the skills that built your business are the same ones for your liquidity event. 

After all, how can you master something you've never done before? 

Are you leaving millions on the table? 

Learn how the 90-day Deep Wealth Experience and our 9-step roadmap helps you capture the maximum value for your liquidity event.  

Click here to book your free exploratory strategy session.

Enjoy the interview!